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LIBERTY BIDCO NOW IN OPERATION

 LIBERTY BIDCO NOW IN OPERATION
 SOUTHFIELD, Mich., Jan. 2 /PRNewswire/ -- The new year started off


with good news for creditworthy Michigan small businesses in need of growth and expansion capital and management assistance. Final approval and licensing came on Dec. 31 for Liberty BIDCO Investment Corporation, which has an initial capitalization of $4.75 million, including $1.9 million from the Michigan Strategic Fund.
 As a business and industrial-development corporation (BIDCO), a type of financial institution created by the Michigan Legislature in 1986, Liberty BIDCO will be providing creative financing as well as management assistance to credible small and medium-size businesses in a variety of industries, including services and businesses owned by women as well as the more traditional industrial and consumer goods manufacturing, commercial and construction enterprises.
 "We will be looking for applications from creditworthy enterprises in all types of business," said Pearl M. Holforty, CPA, chair and chief executive officer, and a former partner in the accounting firm of Plante & Moran, where a news conference took place today.
 "We will make sure that businesses, including service firms and those owned by women, will be considered on an equal playing field."
 After two years of planning by an astute group of businesswomen and two years of raising capital in a difficult economy, said Holforty, the founders were pleased to attract institutional and individual investors "who are equally convinced that our business plan is reasonable, attractive and profitable for both the investors and the companies we will serve."
 Joining Holforty on the management team are Bill Olendorf, vice president and chief investment officer, and Joan Brancheau, CPA, as vice president and chief operations officer.
 With more than 20 years of small-business experience, both as an owner and an adviser, Holforty has been involved in numerous business, community and professional organizations that advocate for small business issues, including financing. A former member of the Federal Reserve Bank of Chicago Small Business Advisory Council, Holforty is also a past president of the Greater Detroit Chapter of the National Association of Women Business Owners and the Women's Economic Club of Detroit. She was awarded the Woman in Business Advocate of the Year for Michigan in 1986 by the U.S. Small Business Administration and four other major awards for scholarship, accounting and business achievement.
 Olendorf has experience with limited partnerships, in managing lease and investment portfolios, negotiating lender agreements, and establishing credit lines. He has also owned and/or managed small businesses in metalworking, foundry operations, computers, construction and real estate.
 Brancheau's background encompasses merger and acquisition planning, treasury and risk management, investor and bank relations, cash management, and operations policies and procedures. Her responsibilities will include identifying additional funding and leveraging sources, establishing contractual management assistance services and developing Liberty's support functions.
 At present, Liberty is negotiating for office space in Southfield. It has plans to open offices eventually in other cities around the state, and invest more than $100 million in Michigan small businesses during the next 10 years.
 -0- 1/2/92
 /CONTACT: Jean Gerritsen Paluzzi, 313-422-0042, for Liberty BIDCO Investment Corporation/ CO: Liberty BIDCO Investment Corporation ST: Michigan IN: FIN SU:


DH -- DE021 -- 6229 01/02/92 15:04 EST
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Publication:PR Newswire
Date:Jan 2, 1992
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